JPMorgan Nasdaq Hedged Equity Laddered… (HEQQ) Valuation

NASDAQ: HEQQP/E, earnings yield and other ratios of the holdings combined.

HEQQ valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 31.2
Forward P/E: 22.8
Price / sales: 6.21
Price / book: 8.82
EV / EBITDA: 21.1
Earnings yield: 3.20%
Dividend yield: 0.59%
Return on equity: 28.2%
Net margin: 19.9%
Beta: 1.41

HEQQ valuation vs other stock ETFs

P/E (TTM)Forward P/E

HEQQ valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
HEQQ	31.2	22.8	6.21	8.82	0.59%	28.2%	19.9%	5.6%
SPY	25.9	19.9	3.67	5.47	1.08%	21.1%	14.2%	1.9%
QQQ	34.2	23.4	5.93	9.27	0.58%	27.1%	17.4%	6.9%
DIA	20.9	18.4	3.16	5.52	1.55%	26.4%	15.1%	0.0%
VTI	28.2	19.4	3.31	5.00	1.07%	17.7%	11.8%	4.6%
IWM	n/m	13.9	1.25	2.03	1.38%	−1.7%	−1.0%	28.1%

Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.

HEQQ valuation by sector

P/E (TTM)Forward P/E

HEQQ valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	55.5%	33.7	21.9	11.20	12.84	0.43%	38.1%
Communication Services	12.1%	19.8	20.3	6.49	6.01	0.39%	30.4%
Consumer Cyclical	10.2%	30.0	29.7	3.70	7.54	0.19%	25.1%
Consumer Defensive	6.2%	35.9	30.3	1.81	7.55	1.34%	21.0%
Healthcare	4.8%	36.8	18.2	4.71	5.29	1.37%	14.4%
Industrials	4.8%	62.1	37.7	7.26	8.94	0.77%	14.4%
Utilities	1.5%	21.6	17.1	3.58	2.59	2.92%	12.0%
Energy	0.8%	22.0	14.0	2.30	3.03	1.93%	13.8%
Basic Materials	0.7%	47.8	18.2	3.30	3.88	2.08%	8.1%
Financial Services	0.7%	36.3	27.9	16.09	30.33	0.40%	83.6%
Real Estate	0.2%	27.7	29.2	12.36	2.37	3.40%	8.6%

HEQQ earnings yield vs bond yields

HEQQ earnings yield (forward)

4.39%

HEQQ earnings yield (trailing)

3.20%

HEQQ dividend yield

0.59%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.

How HEQQ weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

HEQQ largest holdings: valuation

HEQQ largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	8.72%	27.1	24.9	17.1	0.47%	10.36%
AAPL	Apple Inc.	7.94%	39.4	35.2	10.7	0.31%	6.49%
MSFT	Microsoft Corporation	6.85%	29.5	25.1	11.8	0.74%	7.47%
GOOG	Alphabet Inc.	5.77%	16.9	21.8	9.2	0.26%	10.99%
MU	Micron Technology, Inc.	4.98%	11.8	7.0	7.5	0.07%	13.56%
AMZN	Amazon.com, Inc.	4.96%	20.1	23.6	3.5	—	7.92%
AMD	Advanced Micro Devices, Inc.	3.99%	134.9	39.5	20.9	—	0.95%
WMT	Walmart Inc.	3.65%	43.0	38.0	1.3	0.83%	2.72%
META	Meta Platforms, Inc.	3.27%	26.7	22.1	7.9	0.30%	3.94%
TSLA	Tesla, Inc.	2.79%	328.4	158.7	13.5	—	0.27%
AVGO	Broadcom Inc.	2.63%	43.3	19.4	17.6	0.79%	1.95%
LRCX	Lam Research Corporation	2.25%	45.8	33.7	14.2	0.50%	1.58%
INTC	Intel Corporation	2.19%	—	63.3	8.3	—	−1.66%
ADI	Analog Devices, Inc.	2.10%	47.0	23.2	13.8	1.11%	1.44%
SPCX	Space Exploration Technologies Corp.	2.04%	—	200.0	83.5	—	−0.29%
STX	Seagate Technology Holdings plc	1.72%	46.0	25.7	11.9	0.46%	1.20%
PANW	Palo Alto Networks, Inc.	1.69%	855.0	94.3	24.4	—	0.06%
PLTR	Palantir Technologies Inc.	1.53%	160.4	85.5	72.6	—	0.31%
NFLX	Netflix, Inc.	1.40%	22.2	18.7	6.1	—	2.03%
ASML	ASML Holding N.V.	1.22%	40.4	28.9	16.0	0.55%	0.97%
SHOP	Shopify Inc.	1.16%	114.5	58.8	16.6	—	0.33%
JNJ	Johnson & Johnson	0.98%	38.8	21.0	6.2	2.10%	0.81%
REGN	Regeneron Pharmaceuticals, Inc.	0.94%	19.6	14.5	5.2	0.48%	1.55%
KO	The Coca-Cola Company	0.91%	28.2	25.3	8.1	2.26%	1.04%
NXPI	NXP Semiconductors N.V.	0.82%	19.6	12.9	4.4	1.77%	1.35%

Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.

About HEQQ valuation

Adding up its 95 holdings with company data, HEQQ trades at 31.2 times trailing earnings and 22.8 times analysts' forward estimates, with a price-to-book ratio of 8.82 and a dividend yield of 0.59%. Its earnings yield of 3.20% is 2.13 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 52.9% of the fund and earn 64.7% of its combined profit. By sector, Industrials is the most expensive at 62.1 times earnings and Communication Services the cheapest at 19.8. Companies that lost money over the past year are 5.6% of the covered weight.

How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

HEQQ valuation FAQ

What is the P/E ratio of HEQQ?

Based on its holdings, HEQQ has a trailing P/E of 31.2 and a forward P/E of 22.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of HEQQ?

The trailing earnings yield is 3.20% (1 ÷ P/E) and the forward earnings yield 4.39%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is HEQQ more expensive than the S&P 500?

HEQQ trades at 31.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.8 and 19.9.

What is the price-to-book ratio of HEQQ?

The holdings of HEQQ trade at 8.82 times book value, with a combined return on equity of 28.2%.

Which sector in HEQQ has the highest P/E?

Industrials has the highest P/E at 62.1 and Communication Services the lowest at 19.8.